AUD/NZD Price Analysis: Mildly offered inside weekly falling channel

AUD/NZD seesaws around intraday low while following the bearish chart pattern.
Sustained trading below 200-HMA direct sellers to attack 1.0700.
Bulls can stay away unless witnessing a fresh monthly top.

Anil Panchal FXStreet

AUD/NZD remains on the back foot near the day’s low of 1.0727, currently down 0.13% around 1.0735, during Friday’s Asian session.

In doing so, the pair keeps the previous day’s pullback from the resistance line of a descending trend channel established since October 08. Also favoring the sellers could be the quote’s sustained trading below 200-HMA amid normal RSI conditions.

That said, AUD/NZD sellers aim for the 1.0700 threshold as immediate support ahead of testing the mentioned channel’s support near 1.0680.

If at all the bears refrain from stepping back below 1.0680, July’s low near 1.0560 will be on their radars.

Alternatively, an upside break of the channel resistance, at 1.0750 now, will trigger fresh recovery moves towards the 200-HMA level of 1.0810. However, bulls won’t stay easy unless witnessing a daily closing past-1.0906 comprising the monthly high.

AUD/NZD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price	1.0738
Today Daily Change	-0.0013
Today Daily Change %	-0.12%
Today daily open	1.0751

Trends
Daily SMA20	1.0804
Daily SMA50	1.0866
Daily SMA100	1.0783
Daily SMA200	1.062

Levels
Previous Daily High	1.0766
Previous Daily Low	1.0701
Previous Weekly High	1.0906
Previous Weekly Low	1.0757
Previous Monthly High	1.0966
Previous Monthly Low	1.0712
Daily Fibonacci 38.2%	1.0726
Daily Fibonacci 61.8%	1.0741
Daily Pivot Point S1	1.0713
Daily Pivot Point S2	1.0674
Daily Pivot Point S3	1.0647
Daily Pivot Point R1	1.0778
Daily Pivot Point R2	1.0805
Daily Pivot Point R3	1.0843

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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